The global market for vitamin supplements has witnessed continued demand during the last few years and is projected to reach $ 53 Billion tons by 2020, at a CAGR of 6.5% from 2014 to 2020. Global vitamin supplements market is growing at a steady rate majorly due to increasing consumer awareness about preventative healthcare. Healthcare is increasing with the increasing research and development (R&D) expenditure. Due to the increasing cost of healthcare, people are turning towards supplement products, including vitamin supplements, for a healthy life.
Rising urban population paired with rise in education qualification and rising number of health conscious people especially in the developing Asian countries, such as India and China, are more willing to shift towards intake of supplement products including vitamin supplements to compensate their nutritional requirement. Demand of vitamin supplements products have increased in all stage of life, recently more common children as parents have become more conscious about their health and wellness. Asia-Pacific region is still considered as one of the promising market for the vitamin supplements due to increasing urban population paired with increasing disposable income.
Based on end-user, highest growth rate will be witnessed in elderly citizens followed by adult men among the end-users during the forecasted period. Among various applications, health care was estimated a larger share of 49% in the year 2016. Based on applications, highest growth rate will be witnessed in personal care followed by healthcare among the vitamin supplements during the forecasted period.